Harbinger Capital’s Newest LightSquared Hurdle – Senator Roberts

Phil Falcone’s Harbinger Capital has really had a time of things lately. The hedge fund owns a significant stake in a company called LightSquared. The idea behind the company is to develop a nationwide 4g system. In other words, faster mobile communications and Internet for anyone on the network, no dropped calls and data access everywhere in the continental U.S. The problem is that LightSquared is being met with a lot of criticism in Washington.

HARBINGER

Phil Falcone’s LightSquared is Being Met with Opposition

Senator Charles Grassley (R-Iowa) has questioned whether Falcone made “donations to Democrats smoothed the regulatory way for the company,” reports FINAlternatives. Falcone has been asked to testify on his investment in LightSquared and asked to produce documents detailing his firm’s communications with Obama administration officials over Light Squared, by both the U.S. Judiciary Committee and the Senate Agriculture Committee (InsiderMonkey). These issues have prompted Falcone to up his spending on lobbyists. At last count, Falcone has nine lobbyist firms working his LightSquared cause and has spent more than $1.6 million in lobbying fees in the first ten months of the year (InsiderMonkey). Now, it seems Falcone faces yet another opposition.

Senator Pat Roberts Weighs In Against LightSquared

“Sen. Pat Roberts (R-Kan.) has introduced a bill that would take the matter out of the Federal Communications Commission’s hands,” reports FINAlternatives. “Roberts’ bill would bar the FCC from giving LightSquared the necessary approvals until it has shown that its services won’t interfere with global positioning systems. GPS users have warned that LightSquared could cause significant problems to all manner of precision GPS devices.” Senator Roberts explained, “There is too much at stake in interfering with a tool we all use, and on which our public safety and national security depend so heavily,” while LightSquared calls the proposed measure “unnecessary and redundant.”

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

The 15 Most Murderous Countries in the World

10 Largest Colleges in the World: Bigger Isn’t Always Better

Comedians in Cars Getting Coffee: The 6 Comedians Seinfeld Needs to Interview

Easy Money: The 10 Most Successful Investors in the World Today

The 10 Most Deadly Diseases in the World Today

The 5 Most Expensive Luxury Motorhomes in the World

20 Largest Stock Exchanges in the World

6 Richest Painters In The World 2014

The 6 Countries with the Best Hospitals In The World

10 Largest Beer Brewing Companies in the World

The 10 Richest Fitness Gurus In the World to Pump You Up

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!